Russia’s Top Oil Executive Says OPEC+ Was Astute to Boost Output

(Bloomberg) -- Steps taken by the OPEC+ group to boost oil supplies have proved astute, given developments in the Middle East conflict, according to Rosneft PJSC Chief Executive Officer Igor Sechin. 

“The decision by OPEC+ leaders to raise production at accelerated rates appears highly far-sighted today, and from a market perspective, justified, considering consumer interests amid uncertainty about the scale of the conflict between Iran and Israel,” Sechin said at the St. Petersburg International Economic Forum on Saturday.

Eight OPEC+ nations have expanded output by more than expected for three consecutive months. They are set to convene on July 6 to consider adding more barrels in August. Saudi Arabia favors further large increases in order to recoup market share as quickly as possible, people familiar with the matter said earlier this month.

Sechin, a key ally of President Vladimir Putin, has previously criticized Russia’s cooperation with the Organization of the Petroleum Exporting Countries. According to Sechin, Russia was losing market share, while US shale producers were increasing theirs. 

Rosneft, Russia’s biggest oil producer, has based its 2025 business plan on an oil price of $45 per barrel, while the projection for next year is $42 to $43, Sechin said at the forum. The estimates are conservative as the company “doesn’t want to depend on the volatility” that’s evident in the oil market currently, he said. 

It’s been a turbulent week in the global oil market, with futures swinging in a range of around $8. Volatility has spiked to the highest since 2022 as Israel and Iran exchanged multiple strikes.

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